Reader Fails to Buy at Lumen
An Urban Living reader wrote in about their experience buying at Lumen in June:
It was a bad first-time buying experience all around … with the discount brokerage, with the lender, with the listing agent, and with the REO owner. Ultimately the purchase was doomed by a high HOA dues delinquency rate due to which it didn’t qualify as a loan that Fannie Mae would purchase from the lender, making the loan too risky for the lender to fund I suppose … even with my good credit and 25% down. Interestingly, Fannie Mae also happens to be the REO owner of the condo! I don’t quite know what to make of that, it seems strange yet at the same time in a way makes perfect sense too …
For the record, apparently the deal could’ve been saved if I had tried other lenders instead of triggering the financing contingency. At that point though, I figured with the HOA in that kind of shape and me not comfortable with the people involved, it was best to walk.
We’d love to hear from other people who have recently looked at the Lumen. Did you run into high HOA dues delinquency rates too?
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